Massey Energy (MEE) Considering Takeover Bid from Alpha Natural (ANR) - WSJ (CNX, ACI)
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Massey Energy (NYSE: MEE) is considering a takeover offer from Alpha Natural Resources (NYSE: ANR), said the Wall Street Journal. The Board is also expected to review options that include an auction at their meeting expected November 21 - 23.
Shares of Massey Energy spiked 8% higher late Friday as rumors began hitting the wires.
Perella Weinberg has been retained by Massey to assist in M&A talks with ANR.
Though both companies refused to comment on the talks, Massey's general counsel, Shane Harvey, said that the company is always looking at M&A opportunities, but doesn't discuss them in advance.
Other companies possibly interested in acquiring Massey include Arch Coal (NYSE: ACI) and Consol Energy (NYSE: CNX).
The offer and consideration come following one of the worst disasters in mining over the last 40 years that occurred at a Massey mine. The incident, coupled with increasing regulatory pressures, has put Massey at somewhat of a crossroads.
Alpha, with a $5.5 billion market cap, also approached Massey several years ago with merger talks, which Massey didn't take to.
Shares of Massey are up 0.5% this morning, with Alpha Natural up 5.4%.
Shares of Massey Energy spiked 8% higher late Friday as rumors began hitting the wires.
Perella Weinberg has been retained by Massey to assist in M&A talks with ANR.
Though both companies refused to comment on the talks, Massey's general counsel, Shane Harvey, said that the company is always looking at M&A opportunities, but doesn't discuss them in advance.
Other companies possibly interested in acquiring Massey include Arch Coal (NYSE: ACI) and Consol Energy (NYSE: CNX).
The offer and consideration come following one of the worst disasters in mining over the last 40 years that occurred at a Massey mine. The incident, coupled with increasing regulatory pressures, has put Massey at somewhat of a crossroads.
Alpha, with a $5.5 billion market cap, also approached Massey several years ago with merger talks, which Massey didn't take to.
Shares of Massey are up 0.5% this morning, with Alpha Natural up 5.4%.
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